First Real Time International Money Transfer from Bangladesh

Innovation Name: International Insta Remit
Category: Innovation in Banks
Company: Social Islami Bank Ltd.

The content of this case study was written by the representatives of Western Union Bangladesh.

Background

• Bangladesh intra payment system has grown drastically when transfers are made between Banks, Wallets and Cards real time 
• International Remittances to Bangladesh has also evolved with NPSB, BEFTN etc.
• But International Remit from Bangladesh to world is still not developed and Correspondence Banking and Demand Drafts are been used
• Resulted in customer inconvenience, due to high cost, transfer time, uncertainty of fund transfer 
• Which piqued customers to look for alternative options like Hundi
• Formal Outbound Market (C2C/C2B): $200 MN, Informal Market: $800 Million

 

Objective

Address the key customer pain points for International Remit from Bangladesh

• Real Time transfer (Money in Minutes).
• Funds out option – Cash, Bank Account, Mobile Wallet, Cards
• Lower Charges and Transparency
• No corresponding Banking charges
• Settlement in Multiple Currency
• Easy Cancellation

 

 

The Idea

Leverage the capacity of a Global Fintech & Money Transfer Company, with a state of art product development to meet customer & regulatory expectation and mitigate the current customer pain points.

Execution

• Identification of the scope under FED GEFT Guideline of Bangladesh Bank for Realtime C2C / C2B Transfer.

–          Student Payment         – Insta Edu Remit

–          Medical Payment         – Insta Medi Remit

–          Expatriate Payment     – Insta Family Remit

• Regulation change of the Central Bank with special approval to SIBL to execute the service through Western Union.
• Develop a Gateway & Host to Host solution by connecting 200+API of Western Union with SIBL core banking system.

 

 

 

Result